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Mexico: Banorte finalizes pension, insurance joint venture buyouts

By  |  October 7, 2013

Mexico-based Grupo Financiero Banorte announced the finalization of its buyout of the pension and insurance joint ventures from partner Grupo Generali, based in Italy.

The companies reached an agreement last June for $858 million, say reports, and won approval from the Finance Secretariat as well as competition regulator Cofeco.

Banorte announced the acquisitions of the duo’s Seguros Banorte Generali insurance operations as well as the Pensiones Banorte Generali pension fund.

The Italian company owned 49 percent in the joint ventures.

Banorte is Mexico’s third-largest bank in loans and assets, say reports.

Full Content: Latin American Herald Tribune

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